The ASPIRE Youth Financial Education, Savings and Investment Program In St. Kitts & Nevis
The 1st Financial Education & Investment Program for Youth in the ECCU
BY MELISA BOUTINCARIBBEAN FINANCE
"Children form their earliest money habits by the age of seven," shared Davinia Tomlinson founder of Rainchq and author of Cash is Queen — A Girl’s Guide to Securing, Spending and Stashing Cash during a WINN Media SKN's Island Tea interview. And it’s true. Our views on money and the financial habits we practice are informed by what our parents and caregivers modeled for us, cultural norms around money, and if we're lucky, the financial education we received in school. Until 2024, a structured financial education, savings and investment program for children in the Eastern Caribbean Currency Union did not exist.
Enter ASPIRE: A Financial Education, Savings & Investment Program for Youth
Achieving Success Through Personal Investment, Resources and Education, (ASPIRE), is the first national financial education and government-funded savings and investment program for youth in the Eastern Caribbean Currency Union (ECCU).
The program, launched on September 13, 2024 by the Government of St. Kitts & Nevis, promises to give young citizens residing in the country the “tools, knowledge, and opportunities to build a bright financial future.”
This initiative came nearly one year after the release of the Eastern Caribbean Central Bank’s inaugural Financial Literacy and Financial Inclusion Survey. It found that adult financial literacy in ECCU member countries is low and only 50% of adults can pay for a major expense without borrowing.
Here’s how the Government of St. Kitts & Nevis' new youth financial education program will work.
3 Pillars: Savings, Investing and Financial Education
The ASPIRE program has three components: savings, investments and financial education. Each eligible student will get $500 in a St Kitts-Nevis-Anguilla National Bank savings account and $500 in Eastern Caribbean Securities Exchange-traded shares from the St. Kitts-Nevis-Anguilla National Bank and St. Kitts-Nevis Cable Communications Ltd. The financial education component will be integrated into the school curriculum and implemented during the second term of the 2024-2025 school year.
ASPIRE Eligibility Criteria
Age: Be between ages 5 and 18 (including those who were 18 years old on December 13, 2023).
Citizenship: Be a citizen of St. Kitts & Nevis by birth or descent.
Residency: Be currently residing in St. Kitts & Nevis.
In-school Status: Be enrolled in a primary, secondary or tertiary school or a registered homeschooler.
Steps to Enroll A Student in the ASPIRE Program
Parents and caregivers can enroll eligible students in the ASPIRE program online. The digital portal allows you to register one or multiple children, upload electronic copies of required documents and submit the application for review and approval.
If you have questions and need of support with enrolling in the ASPIRE program, visit Aspire's contact page at aspire.gov.kn/#contact-us or contact the Education Planning Unit at the Ministry of Education.
ASPIRE Application Required Documents
1. Parent
Picture Identification issued in St Kitts & Nevis.
Proof of address dated within the 60 days (e.g. utility bill, lease, bank statement, letter from homeowner/ landlord)
2. Child
St. Kitts & Nevis Birth Certificate, Passport or Certificate of Citizenship by Descent
(Source)
Over 3,000 St. Kitts & Nevis Students Enroll in ASPIRE
At the end of last year, the Prime Minister of St. Kitts & Nevis shared that more than 3,000 students were enrolled in the national youth financial education program. According to a tally on ASPIRE's website, $2.6 million EC has already been funded in accounts for youth participants.
ASPIRE Financial Education Curriculum Starts in 2025
In collaboration with the Eastern Caribbean Central Bank, the Government of St. Kitts & Nevis trained teachers on the new financial education curriculum and prepares to rollout ASPIRE's programming in schools across the Federation, this year.
Melisa Boutin is a financial educator, Chartered Financial Consultant, student loan guide author and founder of digital financial education startup Your Money Worth. See Melisa's Full Bio.
About the Author
Melisa Boutin, CFEI, ChFC
Founder of Your Money Worth
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